4. SNAPSHOT OF FINANCIALS contd.
USD Million@
NET REVENUE *
Particulars
Q3 FY13
Q3 FY12
PAT
Y-o-Y
change
Q3 FY13
Q3 FY12
Y-o-Y
change
TML Consolidated#
8,380.7
8,229.9
1.8%
295.9
619.2
-52.2%
TML Standalone
1,932.9
2,425.3
-20.3%
(83.4)
31.6
NM
Jaguar LandRover PLC
6,177.8
6,089.3
1.5%
480.9
638.6
-24.7%
142.6
99.2
43.7%
15.3
12.8
19.4%
97.4
80.0
21.7%
13.7
10.6
29.2%
164.6
149.1
10.4%
0.6
(0.2)
NM
16.2
31.7
-48.8%
2.2
11.1
-80.4%
Tata Motors Finance Ltd.
(TMFL)
Tata Technologies Ltd.
Consolidated (TTL)
Tata Daewoo, Korea (TDCV)
TML Drivelines Ltd.
USD Million@
NET REVENUE *
Particulars
TML Consolidated#
9M FY13
9M FY12
PAT
Y-o-Y
change
9M FY13
9M FY12
Y-o-Y
change
24,150.6
20,864.9
15.7%
1,081.4
1,324.2
-18.3%
6,127.5
6,894.4
-11.1%
111.6
123.1
-9.3%
17,427.8
15,214.7
14.5%
1,359.8
1,275.3
6.6%
Tata Motors Finance Ltd.
(TMFL)
383.9
268.2
43.2%
41.1
31.2
31.7%
Tata Technologies Ltd.
Consolidated (TTL)
265.9
209.9
26.7%
39.7
26.6
49.5%
Tata Daewoo, Korea (TDCV)
561.3
549.7
2.1%
4.6
3.9
16.2%
56.7
92.4
-38.6%
12.4
31.5
-60.5%
TML Standalone
Jaguar LandRover PLC
TML Drivelines Ltd.
*Net Revenue excludes other income except for Tata Motors Finance Ltd.;
# PAT is after Minority Interest and share of Profit/(loss) in respect of associate companies;
@ At conversion rate of 1 USD = 54.995 INR; 1 GBP = 1.6242 USD; 1 USD = 1064.4 KRW for
reference only
4
Back to Index
5. II]
1.
INDIAN ECONOMIC SCENARIO: KEY HIGHLIGHTS OF Q3FY13
Source: Tata Department of Economics and Statistics (Tata DES)
GDP Growth
India’s real GDP has grown by 5.4% in the fiscal year so far (H1 2012-13). Growth for FY 2011-12 stood at
6.5% as compared to 8.4% in the previous two financial years and lower than 6.8% during the crisis year
FY 2008-09. Quarter-wise it grew by 5.3% in Q2 2012-13 (Jul-Sep’12), as compared to 5.5% in Q1 2012-13
and 6.7% in Q2 2011-12. GDP growth in 2012-13 is expected to be around 5.5 to 5.7%, compared to
6.5% in 2011-12.
Chart 1: Sectoral Growth Rates of GDP (%, y-o-y, 2004-05 prices)
Source: MoSPI
Investment activity remained subdued in Q2 2012-13, as Gross Fixed Capital Formation grew by 2.3%, as
compared to 9.7% growth in Q2 2011-12. Gross Fixed Capital Formation accounted for 30.3% of GDP at
current market prices in H1 2012-13, as compared to 31.0% in H1 2011-12 and (it was 45.7% in China
during 2011). Despite the weakness in investment activity, especially in the industrial sector, growth has
not weakened severely because of relatively low share of fixed investment in total GDP: consumption
spending (public + private) remained the largest component of India’s GDP at 68.8% in H1 2012-13, as
compared to 67.8% in H1 2011-12.
2.
Industrial Growth
During 2012-13 (April-December),
IIP growth stood at 0.76% as
compared to 3.72% growth in AprDec’12. The latest growth figures
so far indicate that there is no
evidence of an industrial sector
and overall economic recovery. A
look at the growth of the
12-monthly moving average of
the IIP highlights the continuous
and sustained decline in industrial
momentum. Industrial production unexpectedly shrank for a second straight month in December 2012,
weighed down by weak investment and consumer demand.
5
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6. IIP and its categories
Categories
IIP
Sectoral
Use-based
General
Mining
Mfg.
Electricity
Basic
Capital
Intermediate
Consumer
-Consumer
Durables
-Consumer
Non-Durables
Apr-Dec’12
168.24
Apr-Dec’11
166.98
Growth (%)
0.76
122.00
178.69
155.27
151.43
238.00
145.06
185.53
124.32
177.49
148.52
147.38
264.63
142.84
180.81
-1.87
0.68
4.54
2.75
-10.06
1.55
2.61
In terms of sectoral
classification
of
industries,
output
of
manufacturing grew 0.68%
in
Apr-Dec’12,
while
mining output declined
1.87%
and
electricity
generation showed growth
of 4.54%.
In terms of use-based
classification
of
industries,
consumer
goods production grew
303.00
292.19
3.70
sluggish by 2.61% in AprDec’12, as compared to
138.98
136.68
1.68
5.66% growth in the
corresponding period of
Source: CSO
previous year indicating
that consumer demand remains tepid. Growth of consumer durables production stood much lower at
3.70% (5.16% in Apr-Dec’11) because of a y/y 8.2% drop in Dec’12. Decline in consumer durables
production indicates that consumption demand is not picking up as high inflation has affected the
purchasing power. Consequently, industrial growth is also slowing down. Production of capital goods
declined by 10.06%, along with a decline of 5.41% in the import of capital goods (project goods +
machinery) in Apr-Dec’12 as a result of the downturn in the investment cycle. Import of project goods
alone declined by 15.38% in Apr-Dec’12 period.
Policy measures by the government to boost economic activity (especially encouraging and facilitating
new investments in infrastructure), combined with monetary easing by the RBI in Jan’13 could build the
base for an industrial sector recovery in FY 2013-14.
3.
Infrastructure Index
Performance of Core industries
The Eight core
infrastructure
Sector-wise Growth Rate (%) in Production
Apr-Dec
Apr-Dec
industries1
Sector
Weight (%)
Dec’12
Dec’11
2012-13
2011-12
with base as
Overall
2004-05
37.903
2.63
4.92
3.34
4.79
Index
registered
an
Coal
4.379
-0.17
5.50
5.67
-2.69
output growth
Crude Oil
5.216
1.04
-5.63
-0.36
1.88
of 2.63% in
Natural Gas
1.708
-14.86
-10.80
-13.32
-8.78
Dec’12, lower
Refinery
5.939
4.96
0.66
6.94
3.96
than
4.92%
Products
Fertilizers
1.254
-3.84
0.79
-3.39
-0.53
growth
Steel
6.684
5.21
10.18
3.61
9.07
witnessed
in
Cement
2.406
3.92
13.60
6.08
5.78
Dec’11. For the
Electricity
10.316
4.40
8.88
4.55
9.31
Apr-Dec 2012(Source: GOI- MINISTRY OF COMMERCE INDUSTRY)
13 period, the
eight core industries recorded 3.34% growth against 4.79% during the corresponding period in 2011. The
slow growth was on account of decline in the output of natural gas (-13.32%; -8.78% in Apr-Dec 2011-12),
fertilizers (-3.39%; -0.53% in Apr-Dec 2011-12) and crude oil (-0.36%; 1.88% in Apr-Dec 2011-12). Growth
1
Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement, and Electricity Back to Index
6
7. of coal production improved to 5.67% during 2012-13 (Apr-Dec) as compared to de-growth of -2.69%
witnessed in the same period of previous year. Growth in electricity generation posted a lower growth of
4.55% during Apr-Dec 2012-13 as compared to 9.31% growth during Apr-Dec 2011-12. Growth in electricity
production has been on a declining trajectory since 2011 due to problems in securing coal supply for
domestic producers, combined with the financial problems of State Electricity Boards (SEBs) which are
presently the largest purchasers of power.
The subdued growth of the core industries has remained a hindrance on industrial production. Policy
uncertainties in areas such as iron ore and coal mining have adversely affected the output of steel
and power industries.
4.
Inflation
Wholesale Price inflation in Q3 2012-13 stood at
7.25% (9.01% in Q3 2011-12). It has significantly
moderated since Oct’12. Month-wise, WPI
inflation stood at 7.18% in Dec'12 (7.74% in
Dec'11), lower than 7.24% in Nov'12. The main
drivers of inflation during Dec’12 were
foodgrains inflation (18.73%, which was due to
high inflation in cereals at 19.02%), Fuel
inflation came down to 9.38% in Dec’12 as
compared to 10.02% in Nov’12. On the other
hand, inflation in the manufacturing sector
remained subdued at 5.04% in Dec’12 as
compared to 5.41% in Nov’12, and 7.64% in
Dec’11. Inflation in manufactured food items (which account for 15% of the overall manufacturing sector
inflation) eased to 9.00% from 9.97% in Nov’12, while non-food manufacturing or core inflation (which
is taken as the main inflation gauge for inflation targeting by the RBI) stood at 4.56%, down from 4.86% in
Nov’12, and 7.81% in Dec’11. This is the lowest level of core inflation since Mar’10. While it indicates
on the one hand lack of pricing power with the non-food manufacturing sector producers, it also
illustrates room for the central bank to reduce interest rates in the face of below potential demand
growth, as the overall inflation number is being driven purely by supply-side or external factors.
Year on Year growth rate of Wholesale Price Index
Softening of international commodity prices has not translated into lower prices of imported items due
to the continued depreciation of the Indian rupee. Going ahead the domestic inflation scenario could
benefit from the softness in international commodity prices if the rupee appreciates from its current
levels.
7
Back to Index
8. 5.
Interest rates
RBI again maintained its status quo on repo rate in its mid-quarter review of the monetary policy announced on
18th Dec’12. This firm stance taken by RBI was a bit disappointing in a situation when the economic growth still
struggling to pick up while headline inflation moderating.
However, with inflation showing signs of easing and some fiscal correction measures already taken, it was now
pertinent for RBI to revive the business confidence by announcing suitable policy actions which is in line with
fiscal policy.
19-Mar-10
2010-11
03-May-11
16-Jun-11
26-July-11
16-Sept-11
25-Oct-2011
16-Dec-2011
24-Jan-2012
10-Mar-2012
17-04-2012
18-06-2012
31-07-2012
17-09-2012
30-10-2012
18-12-2012
29-01-2013
Cumulative
Movement in Key Policy Rates (%)
Reverse Repo Rate
Repo Rate
Cash Reserve Ratio
3.50 (+0.25)
5.00 (+0.25)
5.75
5.75(+2.25)
6.75(+1.75)
6(+0.25)
6.25(+0.5)
7.25(+0.5)
6
6.50(+0.25)
7.50(+0.25)
6
7.00(+0.50)
8.00(+0.50)
6
7.25(+0.25)
8.25(+0.25)
6.00
7.50(+0.25)
8.50(+0.25)
6.00
7.50(0.00)
8.50(0.00)
6.00
7.50(0.00)
8.50(0.00)
5.50(-0.50)
7.50(0.00)
8.50 (0.00)
4.75 (-0.75)
7.00 (-0.50)
8.00 (-0.50)
4.75
7.00 (0.00)
8.00 (0.00)
4.75 (0.00)
7.00 (0.00)
8.00 (0.00)
4.75 (0.00)
7.00 (0.00)
8.00 (0.00)
4.50 (-0.25)
7.00 (0.00)
8.00 (0.00)
4.25 (-0.25)
7.00 (0.00)
8.00 (0.00)
4.25 (0.00)
6.75 (-0.25)
7.75 (-0.25)
4.00 (-0.25)
+350 bps
+300 bps
-125 bps
RBI in the third quarter
review of the monetary
policy announced on
29th Jan’13 decided to
bring down the policy
repo rate by 25 basis
points from 8.00% to
7.75%.
Consequently,
the reverse repo rate
would now stand at
6.75%
from
7.00%
earlier.
To
inject
liquidity
into
the
system, RBI further
reduced the CRR by 25
basis points from 4.25%
to 4.00%.
Thus, the third quarter
review of the monetary
Note: 1. Reverse Repo indicates absorption of liquidity and repo indicates injection of liquidity.
policy is driven by three
2. Figures in parantheses indicate change in policy rates in per cent.
main considerations as
follows:
first, to provide an appropriate interest rate environment to support growth as inflation risks
moderate;
second, to contain inflation and anchor inflation expectations; and
third, to continue to manage liquidity to ensure adequate flow of credit to the productive
sectors of the economy.
6.
Freight Rates
8
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9. Average road freight rate index for Q3 (Oct-Dec) 2012-13 grew by 1.28% on a y/y basis, higher than 0.70%
growth in Q3 of 2011-12.
Freight movement has a direct link to the sales of medium and heavy commercial vehicles (M&HCVs). The
three major road corridors in the country witnessed a 3% average fall in freight rates in the calendar year
2012, pointing to sluggish demand in goods transport that led to an over 20% dip in truck sales for the
period.
The freight rates (per 9 tonnes) in the Delhi-Mumbai sector dipped 8%; Delhi-Kolkata was down by 2% and
Delhi-Chennai by 3% in 2012. Muted industrial activity and delay in agricultural output are seen as the
reasons behind the fall in rates. Truckers were unable to raise freight rates in tandem with the increase
in the price of diesel in the year as industrial activity remained muted. However, the partial deregulation
of diesel prices by the government is expected would lead to a moderate upward movement in freight
rates in the short term. Profitability of truck operators would depend on the performance of sectors like
cement, steel and agricultural products.
Overall, the current fiscal year has not been good for the transportation industry with truck rentals
falling as economic activity has been sluggish.
7.
National Highway Development Project (NHDP)
As elucidated in the table below, 57.27% of the national highway development and other road projects
under NHAI were completed as on 31st Dec’12. Substantial amount of work (84.75%) was completed on
NS-EW corridor.
Status of NHDP (As on 31st December 2012)
The NHDP projects are divided into seven phases. However the ones being implemented are in four
phases, i.e. I, II, III and V. There is no progress on the other phases.
Total length
Under
Balance to be
Status of NHDP
Completed
(kms)
Implementation
awarded
GQ
5846
100.00%
0.00%
0%
NS – EW Ph I & II
7142
84.75%
10.11%
5.14%
NHDP Phase III
12109
34.00%
47.35%
14.64%
NHDP Phase V
6500
19.63%
43.14%
37.23%
Port Connectivity & Others
1770
75.25%
23.62%
1.13%
Total
33367
57.27%
29.00%
13.73%
Source – National Highway Authority of India
As of Q3 2012-13, the progress on the work completed as well as the projects under implementation
under NHDP phase III and phase V is very slow as compared to Q2 2012-13. The factors responsible for
slow progress of National Highway (NH) projects include delay in land acquisition, shifting of utilities,
obtaining environment, forest clearances and railway approvals, poor performance of contractors and
law & order problems in some States, etc.
9
Back to Index
10. 8.
Update on Pradhan Mantri Gram Sadak Yojana (PMGSY), as on 28th January, 2013
PMGSY for New Connectivity
Road Works Sanctioned
Completed Works
% of sanctioned works completed
Ongoing Works
PMGSY for Upgraded Connectivity
Road Works Sanctioned
Completed Works
% of sanctioned works completed
Ongoing Works
PMGSY - Cost Estimated (Rs. Cr.)
Sanctioned Amount
Value of work done
% of sanctioned amount utilized
Nos.
80960
58542
Length (Kms)
292208
202490
72.31
22418
69.30
12386
Nos.
35477
30947
Length (Kms)
164317
136199
87.23
4530
82.89
2617
103631
93433
90.16
Outlook by Tata DES (Tata Department of Economics and Statistics), 2012-13
GDP growth at 5.5-5.7%
Interest rate likely to soften gradually during next quarter. Currently, 10-yr G-Sec is 7.87%. 7.75% for
March 2013 end is a plausible estimate.
Currently, Inflation is 7.18%. It could remain around 7% level till the end of next quarter. Core
inflation has started moderating. It stood at 4.56% in Dec’12. Core inflation is the non-food
manufacturing inflation.
Money supply growth, non-food credit growth and deposit growth are projected at 15%, 16-17% and
15% respectively in FY 2012-13.
In Q2 2012-13, CAD worsened to 5.2% of GDP due to a sharp decline in merchandise exports. CAD is
expected to come down as crude prices are likely to decline in late winter and gold imports are
expensive. Exports continue to remain difficult. It is expected that average CAD for 2012-13 will be
3.8-4.0% of GDP.
As the capital market gains, inflows will increase leading to marginal firming up of Rupee.
10
Back to Index
11. III]
TML STANDALONE
A]
FINANCIALS
Rs. Crores
Q3 FY13
Q3 FY12
Y-o-Y
change
9M FY13
9M FY12
Y-o-Y
change
Total Volumes:
CV+PC+Exports (Units)
205,291
231,328
-11.3%
619,439
640,334
-3.3%
CV (Units)
138,963
131,220
5.9%
390,026
374,532
4.1%
PC (Units)
54,675
85,963
-36.4%
189,897
220,574
-13.9%
Exports (Units)
11,653
14,145
-17.6%
39,516
45,228
-12.6%
10,630.1
13,337.9
-20.3%
33,697.9
37,915.8
-11.1%
233.8
897.2
-73.9%
1,741.6
2,850.5
-38.9%
EBITDA Margin
2.2%
6.7%
(450 bps)
5.2%
7.5%
(230 bps)
Other Income
111.8
132.6
-15.7%
1,998.2
439.8
NM
(593.1)
269.5
NM
1,084.1
1,064.0
1.9%
Exceptional Item
(8.2)
(83.3)
NM
(424.0)
(375.0)
NM
Profit before Tax
(601.3)
186.2
NM
660.2
689.0
4.2%
Net Profit (PAT)
(458.5)
173.7
NM
614.0
677.0
9.3%
(1.44)
0.53
1.91
2.12
Net Revenue#
EBITDA#
Profit before exceptional
items and tax
Basic EPS – Ordinary Shares
Basic EPS- ‘A’ Ordinary
shares
Gross Debt
(1.44)
0.63
2.01
2.22
18,992.8
18,991.0
18,992.8
18,991.0
Net Debt
18,162.2
15,667.4
18,162.2
15,667.4
0.89
0.76
0.89
0.76
Inventory Days
45
36
42
37
Receivable Days
21
18
20
19
Net Debt / Equity
#Excludes Other Income;
EPS reported in the table above is not annualized;
Inventory and Receivable Days are based on the Average Sales for the respective periods
11
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12. A]
TML STANDALONE FINANCIALS IN USD MILLION
USD Million@
Q3 FY13
Q3 FY12
Y-o-Y
change
9M FY13
9M FY12
Y-o-Y
change
Total Volumes:
CV+PC+Exports (Units)
205,291
231,328
-11.3%
619,439
640,334
-3.3%
CV (Units)
138,963
131,220
5.9%
390,026
374,532
4.1%
PC (Units)
54,675
85,963
-36.4%
189,897
220,574
-13.9%
Exports (Units)
11,653
14,145
-17.6%
39,516
45,228
-12.6%
Net Revenue#
1,932.9
2,425.3
-20.3%
6,127.5
6,894.4
-11.1%
EBITDA#
42.5
163.1
-73.9%
316.7
518.3
-38.9%
EBITDA Margin
2.2%
6.7%
(450 bps)
5.2%
7.5%
(230 bps)
Other Income
20.3
24.1
-15.7%
363.3
80.0
NM
(107.9)
49.0
NM
197.1
193.5
1.9%
Exceptional Item
(1.5)
(15.1)
NM
(77.1)
(68.2)
NM
Profit before Tax
(109.3)
33.9
NM
120.0
125.3
4.2%
Net Profit (PAT)
(83.4)
31.6
NM
111.6
123.1
9.3%
Basic EPS – Ordinary Shares
Basic EPS-‘A’ Ordinary
shares
Gross Debt
(0.03)
0.01
0.03
0.04
(0.03)
0.01
0.04
0.04
3,453.5
3,453.2
3,453.5
3,453.2
Net Debt
3,302.5
2,848.9
3,302.5
2,848.9
0.89
0.76
0.89
0.76
Inventory Days
45
36
42
37
Receivable Days
21
18
20
19
Profit before exceptional
items and tax
Net Debt / Equity
#Excludes Other Income;
EPS reported in the tables above is not annualized;
@ At conversion rate of USD 1 = 54.995 INR for reference only
Inventory and Receivable Days are based on the Average Sales for the respective periods
FINANCIAL HIGHLIGHTS
Weak operating environment and competitive pressures on pricing continued to impact
operations
9m FY 13 EBITDA margin stood at 5.2%
9m FY 13 PAT stood at Rs 614 crs
YTD Capex and Product Development Spend Rs 2,072 crores
Net Debt / Equity stood at 0.89
12
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13.
14. B]
COMMERCIAL VEHICLES BUSINESS
VOLUMES
Period/
Segments
M/HCV
Q3 FY13
Volumes
31,457
Q3 FY12
Volumes
51,141
Y-o-Y
change
-38.5%
9M FY13
Volumes
108,960
9M FY12
Volumes
147,427
Y-o-Y
change
-26.1%
LCV
107,506
80,079
34.2%
281,066
227,105
23.8%
Total CV
138,963
131,220
5.9%
390,026
374,532
4.1%
Note: For the analysis- LCV Includes Ace, Magic and Winger
HIGHLIGHTS :
Our CV Market Share continued to improved sequentially. Q3 FY13 market share stood at 62.6%
Overall CV sales were supported by steep growth in the LCV segment
Sluggish economic activity and weak macro outlook have impacted freight availability.
This,
combined with high operating costs for transport operators have resulted in decline in MHCV
sales.
Strong growth of the “Ace” family drives volumes and increased market share in the segment
We continue to upgrade our products and provide value added services & solutions. E.g.the
earlier launch of Tata FleetMan Telematic Services, which is an intelligent vehicle and driver
management solution for our end customers.
13
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15. C]
PASSENGER VEHICLES BUSINESS
VOLUMES
Period/
Segments
Micro
Q3 FY13
Volumes
9,709
Q3 FY12
Volumes
17,735
Y-o-Y
change
-45.3%
9M FY13
Volumes
49,330
9M FY12
Volumes
47,116
Y-o-Y
change
4.7%
29,092
48,810
-40.4%
93,752
119,464
-21.5%
3,132
3,969
-21.1%
7,322
12,906
-43.3%
228
1,191
-80.9%
970
3,423
-71.7%
209
324
-35.5%
516
644
-19.9%
11,861
12,377
-4.2%
35,569
31,936
11.4%
444
1,557
-71.5%
2,438
5,085
-52.1%
-36.4%
189,897
220,574
-13.9%
Compact
Midsize
Executive
Premium/
Luxury
Utility Vehicles
Vans
Total PC
54,675
85,963
Source: SIAM Industry Data and Company analysis
Note: For the analysis ‘Micro’ comprises of Nano; ‘Compact’ comprises of Indica, Vista, Indigo CS, Fiat Grande Punto
‘Midsize’ comprises of Indigo XL, Manza and Marina; ‘Executive‘ comprises of Fiat Linea;
‘Premium/Luxury’ includes Jaguar vehicles sold in India; ‘Utility Vehicles’ comprises of Safari,
Sumo, Xenon, Aria and Land Rover Vehicles sold in India; ‘Vans’ comprises of Tata Venture
HIGHLIGHTS
Recent product introductions and refreshes are well received
Inventory in the pipeline has reduced during the quarter
Market share stood at 10.1% for the period till Dec 2012
Our recent product introductions like Safari Storme are well received and we expect our new
introductions like Vista D-90 to receive good response
Initiated actions at dealerships to enhance consumer experience at point of sales
We also continue to focus on new and refreshed products, enhanced sales & service experience
and network actions
LAUNCHES IN Q3 FY 13
i] In October 2012, Tata Motors launched its next generation car, the Tata Manza, a Club Class sedan. It
is entirely a new class of car where unmatched luxury meets unrivalled performance.
ii] In October 2012, Tata Motors launched the new Tata Safari Storme, combining luxury and comfort
with raw power and supreme off-roading performance, which this 'Real SUV' has been known for.
iii] In December 2012, Tata Motors launched the new Tata Aria Pure LX, a new variant with a bouquet
of features, at a stunning price. The Tata Aria Pure LX has been priced at Rs. 9.95 lakhs (ex-showroom
Bangalore).
14
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16. D]
EXPORTS
VOLUMES
Period/ Segments
Commercial Vehicles
Passenger Vehicles
Total Exports
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
10,535
12,422
-15.2%
34,443
39,593
-13.0%
1,118
1,723
-35.1%
5,073
5,635
-10.0%
11,653
14,145
-17.6%
39,516
45,228
-12.6%
HIGHLIGHTS
During the period, sales were supported by markets like Nepal, Thailand, South Africa and MENA
countries, while our larger export markets, Sri Lanka & Bangladesh continued to decline.
LAUNCHES IN Q3 FY 13
i] Tata Motors in October 2012, launched its 1-tonne diesel mini-truck, the Tata Super ACE, an ideal
vehicle for intra-city and last-mile distribution applications, in South Africa. The Tata Super ACE is a
combination of new-age design, superior performance, space, comfort, safety and operating economy,
delivering exactly what a transportation business requires.
With the launch of this vehicle, Tata Motors now has a commercial vehicle for every need in South Africa,
ranging from the 1tonne mini-truck to 56 tonne gross combination mass prime movers. The distribution of
Tata pick-ups in South Africa started in 2004 through Accordian Investments (Pty) Ltd., a subsidiary of
Associated Motors Holdings (AMH), which currently operates through a network of about 60 sales and
service dealers. Tata Motors' portfolio in South Africa comprises 20 commercial vehicle models and 3
passenger car models, with over 65,000 Tata vehicles plying on South African roads today.
ii] In November 2012, Tata Motors today made its maiden entry in the Bangladesh new car market,
introducing two sedans and a hatchback. They are the Tata Indigo eCS, India's most fuel-efficient
compact sedan, the Tata Indigo Manza, a luxury sedan, and the Tata Indica Vista hatchback, with class
defining space. The Manza and the Vista are born out of Tata Motors' new car platform.
To begin with, they will be available in Dhaka with one showroom. By 2013, three other cities will be
covered, with a showroom each. Tata Motors has a 40-year heritage in Bangladesh, having introduced its
buses in 1972. There are about 53,000 Tata commercial vehicles on Bangladesh roads. The company is
today the market leader with a 70% market share.
15
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17. E]
WAY FORWARD
External environment and overall economic activities remain stressed, resulting in the overall
demand continuing to remain under pressure, mainly for the MHCV segment
Demand in the SCV segment remains strong
Competitive intensity resulting in higher marketing costs.
Continue to leverage on our strengths, which cover:
Strong understanding of the domestic market
Wide and compelling product portfolio
Strong Brand and Customer support
Wide spread distribution network,
Economies of scale
We continue to upgrade our products, value added services & solutions for our end customers.
Several initiatives under aggressive implementation in the passenger car business to achieve
performance improvement
Regular product refresh plans in pipeline
Customer experience and engagement
Distribution expansion and improving effectiveness
Cost effectiveness and quality enhancement initiatives
Future Products in pipeline during FY13 - Variants from Prima range, Ultra range of LCV, ACE
variants, Nano, refreshed car models across the portfolio
Extend export potential for our products
For overall industry, RM and component prices are expected to be under control.
For the
Company, cost and expense optimization focus will continue
16
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18. F]
OTHER SIGNIFICANT EVENTS DURING THE QUARTER
i] Tata Ace races through the one-million mark in just 2,680 days
Tata Ace, the one-in-a-million idea from Tata Motors, now has a one million strong presence. Introduced
in May 2005, the Tata Ace, India's first mini-truck, and the Tata Magic, its sister vehicle for passenger
transportation introduced in June 2007, together crossed the prestigious one-million sales mark in August
2012 -- just 2,680 days. Total sales, at the end of October 2012, are at 10,59,135 - 997,133 in India and
62,002 abroad.
Every 4th commercial vehicle sold in India today (2011-12 industry sales: 892,349) is a Tata Ace/ Tata
Magic (2011-12 sales: 214,483). In the process, it became India's first one-lakh-per-year goods
commercial vehicle in 2010. The same very year, the family's fifth in the market, it crossed the half-amillion mark. The remaining half-a-million has come in the last two years. Indeed, the Tata Ace/ Tata
Magic family today has created a whole new segment of four-wheel small commercial vehicles.
ii] Cyrus P. Mistry appointed Chairman of Tata Motors
The Board of Directors of Tata Motors ON 13, Dec 2012, announced the appointment of Mr. Cyrus P.
Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Mr. Ratan
N. Tata. The Board conferred on Mr. Tata the honorary title of Chairman Emeritus.
G]
TML CORPORATE CREDIT RATING
Credit Rating Agency
Long Term Rating as on 31st Dec 2012
Moody’s
Ba3 / Stable
S&P
BB / Positive
CRISIL
AA- / Positive
ICRA
AA- / Positive
CARE
AA / Stable
17
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19. IV]
TML CONSOLIDATED FINANCIALS (UNAUDITED) IN RS. CRORES
Net Revenue#
46,089.5
45,260.3
1.8%
132,816.0
114,746.6
15.7%
6,143.8
7,222.7
-14.9%
18,239.5
16,521.4
10.4%
EBITDA Margin
13.3%
16.0%
(270 bps)
13.7%
14.4%
(70 bps)
Other Income
188.6
167.5
12.6%
634.1
503.2
26.0%
2,841.4
4,658.1
-39.0%
9,563.3
9,769.8
-2.1%
Profit before
exceptional items
and tax
Exceptional Items
(164.3)
NM
Profit before Tax
(173.5)
2,667.9
4,493.8
Net Profit (PAT) ^
1,627.5
3,405.6
Basic EPS –
Ordinary Shares
5.09
Basic EPS - ‘A’
Ordinary shares
9M FY13
9M FY12
Y-o-Y
change
Q3 FY13
EBITDA#
Q3 FY12
Y-o-Y
change
Rs. Crores
(660.3)
NM
-40.6%
(624.2)
8,939.1
9,109.6
-1.9%
-52.2%
5,947.1
7,282.5
-18.3%
10.72
18.64
22.93
5.19
10.82
18.74
23.03
Gross Debt
54,334.2
45,187.0
54,334.2
45,187.0
Net Automotive
Debt
15,772.8
14,907.3
15,772.8
14,907.3
Net Automotive
Debt / Equity
0.37
0.56
0.37
0.56
48
38
49
45
16
19
19
Inventory Days
Receivable Days
19
# Excludes Other Income;
^ PAT is after Minority Interest and share of Profit/(Loss) in respect of associate companies
EPS reported in the tables above is not annualized;
Inventory and Receivable Days are based on the Average Sales for the respective periods
18
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20. TML CONSOLIDATED FINANCIALS (UNAUDITED) IN USD MILLION
USD Million@
Q3 FY13
Y-o-Y
change
Q3 FY12
9M FY13
9M FY12
Y-o-Y
change
Net Revenue#
8,380.7
8,229.9
1.8%
24,150.6
20,864.9
15.7%
EBITDA#
1,117.2
1,313.3
-14.9%
3,316.6
3,004.2
10.4%
13.3%
16.0%
(270 bps)
13.7%
14.4%
(70 bps)
34.3
30.5
12.6%
115.3
91.5
26.0%
516.7
847.0
-39.0%
1,738.9
1,776.5
-2.1%
(31.6)
(29.9)
NM
(113.5)
(120.1)
NM
485.1
817.1
-40.6%
1,625.4
1,656.4
-1.9%
295.9
619.2
-52.2%
1,081.4
1,324.2
-18.3%
0.09
0.19
0.34
0.42
0.09
0.20
0.34
0.42
Gross Debt
9,879.8
8,216.6
9,879.8
8,216.6
Net Automotive
Debt
2,868.0
2,710.7
2,868.0
2,710.7
Net Automotive
Debt / Equity
0.37
0.56
0.37
0.56
48
38
49
45
16
19
19
EBITDA Margin
Other Income
Profit before
exceptional
items and tax
Exceptional
Items
Profit before
Tax
Net Profit (PAT)
^
Basic EPS –
Ordinary Shares
Basic EPS - ‘A’
Ordinary shares
Inventory Days
Receivable Days
19
# Excludes Other Income;
^ PAT is after Minority Interest and share of Profit/(Loss) in respect of associate companies
EPS reported in the tables above is not annualized;
@ At conversion rate of USD 1 = 54.995 INR for reference only
Inventory and Receivable Days are based on the Average Sales for the respective periods
FINANCIAL HIGHLIGHTS
9m FY 13 Net revenue Rs 132,816 crores
9m FY 13 EBITDA margin stood at 13.7%
9m FY13 PAT stood at Rs 5,947 crores
YTD Capex & product development spend Rs 13,773 Crores
Net Automotive Debt / Equity Ratio stood at 0.37
19
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21. V]
JAGUAR LAND ROVER PLC
A]
FINANCIALS
(i)
IFRS AS APPROVED IN THE EU (UNAUDITED)
IFRS
GBP Million
Q3 FY13
JLR Wholesales
Jaguar
Wholesales
Land Rover
Wholesales
Net Revenue
Y-o-Y
change
Q3 FY12
9M FY13
Y-o-Y
change
9M FY12
94,828
86,322
9.9%
255,722
216,412
18.2%
15,043
15,272
-1.5%
36,649
39,921
-8.2%
79,785
71,050
12.3%
219,073
176,491
24.1%
3,803.6
3,749.1
1.5%
10,730.1
9,367.5
14.5%
EBITDA#
533.4
639.4
-16.6%
1,545.9
1,420.0
8.9%
EBITDA Margin
14.0%
17.1%
(310 bps)
14.4%
15.2%
(80 bps)
Profit before Tax
403.8
509.0
-20.7%
1,167.1
976.3
19.5%
Net Profit (PAT)
296.1
393.2
-24.7%
837.2
785.2
6.6%
Gross Debt
1,886.3
1,562.8
1,886.3
1,562.8
Net Debt
Net Debt /
Equity
Inventory Days
(255.0)
(124.3)
(255.0)
(124.3)
(0.07)
(0.06)
(0.07)
(0.06)
44
36
47
43
17
15
18
19
Receivable Days
PBT Includes £39m MTM gain of bond call options
Inventory and Receivable Days are based on the Average Sales for the respective periods
FINANCIAL HIGHLIGHTS
9m FY 13 - Net revenue £ 10,731 m
9m FY 13 EBITDA margin at 14.4%
9m FY 13 PAT at £ 837 m
Cash and financial deposits £ 2,141 m Undrawn committed lines stood at £ 991 m
YTD Capex & product development £ 1,461 m and Positive free cash flow £ 90 m post spend
20
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22. (ii)
JLR FINANCIALS UNDER IGAAP (UNAUDITED)
IGAAP
JLR Wholesales
94,828
86,322
Y-o-Y
change
9.9%
Jaguar Wholesales
Land Rover
Wholesales
Net Revenue
15,043
15,272
79,785
3,803.6
GBP Million
Q3 FY13
255,722
216,412
Y-o-Y
change
18.2%
-1.5%
36,649
39,921
-8.2%
71,050
12.3%
219,073
176,491
24.1%
3,750.4
1.4%
10,730.1
9,367.5
14.5%
Q3 FY12
9M FY13
9M FY12
EBITDA
580.1
739.2
-21.5%
1,591.7
1,563.7
1.8%
EBITDA Margin
15.3%
19.7%
(440 bps)
14.8%
16.7%
(190 bps)
Profit before Tax
371.7
559.7
-33.6%
1,105.6
1,095.1
1.0%
Net Profit (PAT)
246.0
440.4
-44.1%
805.3
896.8
-10.2%
Gross Debt
1,909.6
1,447.9
1,909.6
1,447.9
Net Debt
(391.5)
(239.8)
(391.5)
(239.8)
(0.1)
(0.1)
(0.1)
(0.1)
44
36
47
43
Net Debt / Equity
Inventory Days
Receivable Days
17
15
18
18
Inventory and Receivable Days are based on the Average Sales for the respective periods
B]
PRODUCTS, REGIONAL PERFORMANCE & HIGHLIGHTS
JAGUAR WHOLESALE VOLUMES BY CAR-LINE
Jaguar
Wholesales
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
XF
9,425
9,454
-0.3%
23,484
24,470
-4.0%
XJ
4,378
4,541
-3.6%
10,053
11,708
-14.1%
XK
1,240
1,272
-2.5%
3,111
3,727
-16.5%
-
5
NM
1
16
NA
15,272
-1.5%
36,649
Others
Total
Jaguar
15,043
39,921
-8.2%
JAGUAR RETAILVOLUMES BY CAR-LINE
Jaguar Retails
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
XF
8,118
8,397
-3.3%
24,706
23,479
5.2%
XJ
2,965
3,606
-17.8%
10,809
11,609
-6.9%
XK
897
1,003
-10.6%
2,901
3,704
-21.7%
-
-
-
-
4
NM
11,980
13,006
-7.9%
38,416
38,796
-1.0%
Others
Total Jaguar
21
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23. LAND ROVER WHOLESALE VOLUMES BY CAR-LINE
Land Rover
Wholesales
Defender
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
4,099
4,667
-12.2%
11,089
14,466
-23.3%
Freelander
15,006
9,314
61.1%
36,650
33,930
8.0%
Discovery
Range Rover
Sport
10,663
11,122
-4.1%
31,579
33,241
-5.0%
13,608
14,087
-3.4%
40,985
40,727
0.6%
Range Rover
1,856
7,583
-75.5%
13,656
22,076
-38.1%
31,388
24,277
29.3%
81,935
32,051
155.6%
3,165
-
NM
3,179
-
NM
71,050
12.3%
219,073
176,491
Range Rover
Evoque
New Range
Rover
Total Land
Rover
79,785
24.1%
LAND ROVER RETAIL VOLUMES BY CAR-LINE
Land Rover
Retails
Defender
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
4,047
4,683
-13.6%
11,289
14,609
-22.7%
Freelander
12,245
8,888
37.8%
36,354
34,911
4.1%
Discovery
11,456
10,554
8.5%
32,986
33,050
-0.2%
Range Rover Sport
14,958
14,090
6.2%
41,642
41,154
1.2%
4,268
7,458
-42.8%
17,273
22,021
-21.6%
28,039
19,614
43.0%
79,427
22,710
NM
1,665
-
NM
1,778
-
NM
76,678
65,287
17.4%
220,749
168,455
31.0%
Range Rover
Range Rover
Evoque
New Range Rover
Total Land Rover
JAGUAR WHOLESALE VOLUMES REGION- WISE
Jaguar
Wholesales
UK
Q3 FY13
Volumes
3,020
Q3 FY12
Volumes
3,053
Y-o-Y
change
-1.1%
9M FY13
Volumes
9,014
9M FY12
Volumes
10,666
Y-o-Y
change
-15.5%
North America
4,716
4,371
7.9%
9,391
10,072
-6.8%
Europe
2,468
2,939
-16.0%
6,104
7,537
-19.0%
China
2,358
2,420
-2.6%
5,248
5,473
-4.1%
Asia Pacific
All Other Markets
Total Jaguar
901
1,048
-14.0%
2,617
2,481
5.5%
1,580
1,441
9.6%
4,275
3,692
15.8%
15,043
15,272
36,649
39,921
-1.5%
22
-8.2%
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24. JAGUAR RETAIL VOLUMES REGION- WISE
Jaguar Retails
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
UK
2,989
2,463
21.4%
10,095
9,762
3.4%
North America
2,591
3,146
-17.6%
9,173
10,385
-11.7%
Europe
2,280
2,671
-14.6%
6,979
7,233
-3.5%
China
1,810
2,198
-17.7%
5,353
5,312
0.8%
808
923
-12.5%
2,571
2,402
7.0%
1,502
1,605
-6.4%
4,245
3,702
14.7%
11,980
13,006
-7.9%
38,416
38,796
-1.0%
Asia Pacific
All Other Markets
Total Jaguar
LAND ROVER WHOLESALE VOLUMES REGION- WISE
Land Rover Wholesales
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
UK
11,207
11,176
0.3%
33,514
30,709
9.1%
North America
13,234
12,830
3.1%
36,526
31,903
14.5%
Europe
19,830
17,621
12.5%
48,943
41,222
18.7%
China
17,623
12,690
38.9%
49,671
30,482
63.0%
3,762
2,223
69.2%
9,714
7,062
37.6%
14,129
14,510
-2.6%
40,705
35,113
15.9%
79,785
71,050
219,073
176,491
Asia Pacific
All Other Markets
Total Land Rover
12.3%
24.1%
LAND ROVER RETAIL VOLUMES REGION- WISE
Land Rover Retails
Q3 FY13
Volumes
Q3 FY12
Volumes
Y-o-Y
change
9M FY13
Volumes
9M FY12
Volumes
Y-o-Y
change
UK
10,980
10,130
8.4%
36,472
28,494
28.0%
North America
13,146
13,592
-3.3%
36,173
32,377
11.7%
Europe
17,705
16,024
10.5%
48,409
37,733
28.3%
China
17,921
10,599
69.1%
49,995
28,721
74.1%
3,511
2,248
56.2%
9,759
6,902
41.4%
All Other Markets
13,415
12,694
5.7%
39,941
34,228
16.7%
Total Land Rover
76,678
65,287
17.4%
220,749
168,455
31.0%
Asia Pacific
23
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25. JAGUAR LAND ROVER MARKET-MIX FOR WHOLESALES
JAGUAR LAND ROVER MARKET-MIX FOR RETAILS
24
Back to Index
26. REGIONAL PERFORMANCE
Performance in key geographical markets on retail basis
United States
The US economic situation continues to show signs of recovery in the current quarter, but uncertainty
remains due to negotiations on spending and deficit levels needing to be completed over the next few
months. Jaguar retail volumes for the quarter fell by 555 units compared to Q3 FY12, mainly due to lower
XK sales. The US premium car segment volumes increased by 11% in the last 12 months, with Jaguar’s
share broadly flat whilst the market environment continues to be competitive with a trend towards
smaller engines.
The 13 model year line-up of Jaguar products includes new small engine and AWD derivatives, with retail
sales fully starting in Q4 FY13. Land Rover retail volumes for the quarter fell by 3% compared to Q3 FY12,
mainly driven by run-out of the old Range Rover, with sales of the new Range Rover beginning in
December 2012. The US premium SUV segment volumes were up 17% in the last 12 months, with Land
Rover participating in this growth, whilst maintaining market share. US combined total retail volumes for
the quarter were 15,737 units, down 6% compared to Q3 FY12.
UK
The UK economy has continued to be challenging with GDP remaining flat over the past 12 months. The
outlook for the UK is uncertain, although the financial markets of the UK’s largest trading partners in
Europe have stabilised in the last 6 months. The UK premium car segment volumes increased by 3% in the
last 12 months, although started to fall away from September. Jaguar shares are up in all models,
reflecting the improvement in the 13 model year CO2 emission and despite significant financial support
offered by competitors. The 2.2l diesel has now been available in the XF for 12 months and the new
Sportbrake XF is starting to be sold. The UK premium SUV segment volumes increased by 21% in the last
12 months, with the Land Rover market share up, primarily reflecting the Range Rover Evoque but also
supported by all other models, except the old Range Rover, which is running-out. Jaguar and Land Rover
combined retails were 13,969 units in the quarter, up 11% compared to Q3 FY12. Jaguar retail volumes
for the quarter increased by 21%. Land Rover retail volumes for the quarter were up by 8% compared to
Q3 FY12.
Europe (excl. Russia and UK)
European financial markets have stabilised in the past six months, although macro-economic pressures
continue, with recession in a number of countries and a slowdown in Germany and France. Credit rating
agencies continue to be negative about Euro area prospects, and the European car industry is expected
25
Back to Index
27. to have reduced volumes in the current year in all European markets. Combined total retail volumes in
the quarter for the Europe region were 19,985, an increase of 7% compared to Q3 FY12. The increase
reflects growth in the Range Rover Evoque with other models being marginally down. Jaguar retail
volumes in the Europe region for the quarter fell by 391 units reflecting softer industry volumes. Land
Rover retail volumes within the Europe region for the quarter increased by 10% to 17,705. In Germany,
Land Rover market share increased by 0.4%, whilst Jaguar grew by 0.7%.
China
The Chinese economy continues to grow strongly, although at a slower rate. China's premium car segment
volumes increased by 20% in the last 12 months. Jaguar volumes were down 388 units, primarily
reflecting 12 model year run-out on XF and XJ and prior to the introduction of the 2.0l XF and XJ. The
premium SUV segment increased by 21% in the last 12 months, with Land Rover’s share increasing 3% to
over 10% due to the introduction of the Range Rover Evoque, alongside growth in other models.
Combined total retail volumes were 17,921 units in the quarter. China was the 2nd largest retail market
and wholesale market for the company in the period, and the largest market for the 9 months to
December 2012.
Asia Pacific
The Asia pacific region has continued to show economic growth. Total Asia Pacific retail volumes for the
quarter were 4,319 units, up 36% with volumes in Australia up 29%. Jaguar retail volumes for the quarter
fell by 115 units compared to Q3 FY12, mainly due to XJ demand. Land Rover retail volumes for the
quarter increased to 3,145 (56%) compared to Q3 FY12.
JLR HIGHLIGHTS
Range Rover Evoque and Freelander drove volume growth
China Region continues to grow strongly and achieved over 50% YTD growth
Our 2013 MY products includes XF Sportbrake, AWD and smaller engine derivatives of XF and XJ.
The recently launched new Range Rover has received wide acclaim.
Q3 FY13 Revenue at £ 3.8 bn is reflective of strong demand for our products and continuing
growth in China and other markets.
EBITDA margin at 14% in line with recent quarters, lower than a strong quarter a year ago,
reflecting: product mix, the ongoing effect of higher marketing costs compared to the low levels
experienced in Q3 of the prior year, launch costs of the all-new Range Rover, run out of the
earlier Range Rover, and continued growth in product investments and related costs to support
future business growth.
26
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28. Cash, bank balances, mutual funds - £2.1 bn; Undrawn committed facilities of £ 1 bn as on
December 31, 2012
Successful new 10 year bond issue in January, raising $500m at 5.625% p.a.
Continued building the new engine plant in Wolverhampton in UK
Laid the foundation stones for the joint venture with Chery in China
C]
WAY FORWARD
Focus on continuing the launch of new Range Rover, full launch of the new Jaguar engine and
AWD options, XF Sportbrake, and F-TYPE.
Continuing focus on both refreshed and new Jaguar and Land Rover products
Continue to focus on profitable volume growth and improving efficiencies to sustain the
growth momentum
Planned investments in future new products and technologies to meet customer aspirations
and regulatory environmental standards
Given the significant growth in sales and profitability with strong liquidity, capex and product
development spending expected to accelerate and increase in FY14 to in the region of £ 2.75 bn
to develop new products and technologies and grow our manufacturing foot print to realize
increased market opportunities.
Continue to monitor economic and sales trends closely to balance sales and production
D]
JLR CORPORATE CREDIT RATING
Credit Rating Agency
Long Term Rating as on 31st Dec 2012
Moody’s
Ba3 / Stable
S&P
BB- / Positive
Fitch
BB- / Stable
27
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29. VI]
HIGHLIGHTS OF OTHER KEY SUBSIDIARIES
A]
TATA MOTORS FINANCE
Particulars
Q3 FY13
Rs. Crores
Y-o-Y
9M FY13
change
Q3 FY12
9M FY12
Y-o-Y
change
Net Revenue *
784.1
545.7
43.7%
2,111.3
1,474.8
43.2%
Operating Income
(post Net interest
charges) *
128.1
106.5
20.3%
343.3
259.2
32.4%
Operating Margin
16.3%
19.5%
(320 bps)
16.3%
17.6%
(130 bps)
84.3
70.6
19.4%
225.8
171.5
31.7%
PAT
* Includes ‘Other Income’
HIGHLIGHTS
Finance disbursed during Q3 FY 13 stood at Rs. 3,281 Cr.
The book size as on December 31, 2012 for TMFL stood at Rs 18,911 Cr.
Q3 FY 13 market share stood at 41.1%.
NIM of vehicle financing business for Q3 FY13 was 7.2%
B]
TATA TECHNOLOGIES
Rs. Crores
Particulars
Q3 FY13
Y-o-Y
change
Q3 FY12
9M FY13
9M FY12
Y-o-Y
change
Net Revenue *
535.6
440.2
21.7%
1,462.5
1,154.5
26.7%
EBITDA *
102.5
79.7
28.6%
270.5
195.3
38.5%
% of Revenue
19.1%
18.1%
100 bps
18.5%
16.9%
160 bps
75.2
58.2
29.2%
218.5
146.2
49.5%
PAT
* Excludes ‘Other Income’
Revenue Break – up of 9M FY 13
HIGHLIGHTS
Revenue continued upward trend (21.7% YoY) with robust
margin (19.1%)
Offshore revenue in INR grew y-o-y by 36%
Cash
&
Cash
equivalent
of
Rs
733
crs
as
on
December 31, 2012
28
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30. C]
TATA DAEWOO
KRW Billion
Particulars
Q3 FY13
Y-o-Y
change
Q3 FY12
9M FY13
9M FY12
Y-o-Y
change
Sales (Units)
2,073
1,844
12.4%
7,382
7,392
-0.1%
Net Revenue *
175.2
158.7
10.4%
597.5
585.1
2.1%
9.0
7.2
24.2%
31.3
26.6
17.7%
5.1%
4.6%
50 bps
5.2%
4.5%
70 bps
0.6
(0.2)
NM
4.9
4.2
16.2%
EBITDA *
% of Revenue
PAT
* Excludes ‘Other Income’
HIGHLIGHTS
Demand in the domestic markets continued to be weak.
During Q3 FY 13, our exports growth supported revenues and margins
Continue with cost control efforts
Net Profit includes impact of reversal of pension related provisions
D]
TML DRIVELINES LTD
Rs. Crores
Particulars
Q3 FY13
Y-o-Y
change
Q3 FY12
9M FY13
9M FY12
Y-o-Y
change
Net Revenue *
89.2
174.3
-48.8%
311.9
508.3
-38.6%
EBITDA *
30.3
106.2
-71.5%
129.3
308.4
-58.1%
34.0%
60.9%
(2690 bps)
41.5%
60.7%
(1920 bps)
11.9
60.8
-80.4%
68.3
173.0
-60.5%
% of Revenue
PAT
* Excludes ‘Other Income’
HIGHLIGHTS
Domestic MHCV market declined impacting revenue and profitability
Cost control initiatives continue to be pursued to support pressures on costs owing to lower
volumes
29
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31. VII]
SHAREHOLDING PATTERN
Shareholding Pattern as on December 31st, 2012
Ordinary Shares
%
Tata Companies
34.71
Indian Financial Institutions / MFs / Banks
11.36
ADR/GDR Holders / Foreign holders–DR status
16.68
Foreign Institutional Investors
29.01
Others
8.24
Total
100%
‘A’ Ordinary Shares
%
Tata Companies
0.88
Indian Financial Institutions / MFs / Banks
41.31
Foreign Institutional Investors
45.36
Others
12.45
Total
100%
Disclaimers & statements
Statements in this presentation describing the objectives, projections, estimates and expectations of the
Company i.e. Tata Motors Ltd and its direct and indirect subsidiaries and its associates may be “forward
looking statements” within the meaning of applicable securities laws and regulations. Actual results
could differ materially from those expressed or implied. Important factors that could make a difference
to the Company’s operations include, among others, economic conditions affecting demand / supply and
price conditions in the domestic and overseas markets in which the Company operates, changes in
Government regulations, tax laws and other statutes and incidental factors.
Q3 FY13 represents the period from 1st September 2012 to 31st December 2012.
Q3 FY12 represents the period from 1st September 2011 to 31st December 2011.
9m FY 13 represents the period from 1st April 2012 to 31st December 2012.
9m FY 12 represents the period from 1st April 2011 to 31st December 2011.
JLR Financials contained in the review are as per IFRS as approved in the EU as well as in IGAAP,
Unaudited. All other subsidiaries’ financials are in IGAAP.
30
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![Index
I] Snapshot of Financials
3
II] Indian Economic Scenario
5
III] TML Standalone
A] Financials (Rs. Crores & USD Million)
11
B] Commercial Vehicles Business
13
C] Passenger Vehicles Business
14
D] Exports
15
E] Way Forward
16
F] Other Significant Events during the Quarter
17
G] TML Corporate Credit Rating
17
IV] TML Consolidated Financials (Unaudited) (Rs. Crores & USD Million)
18
V] Jaguar Land Rover PLC
A] Financials (i) Under IFRS - Unaudited
(ii) Under IGAAP - Unaudited
20
21
B] Products, Regional Performance & Highlights
Jaguar and Land Rover Wholesale & Retails
volumes by Car-line and Region-wise
21
Regional Performance
25
JLR Highlights
26
C] Way Forward
27
D] JLR Corporate Credit Rating
27
VI] Highlights of Key Subsidiaries
A] Tata Motors Finance
28
B] Tata Technologies
28
C] Tata Daewoo
29
D]TML Drivelines Ltd
29
VII] Shareholding Pattern
30
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